19 June 2009
In the course of the meeting the Board of Directors reviewed the Bank’s Q1 2009 IFRS results and accepted those results as satisfactory.
As prescribed by the internal regulations on the Board of Directors Committees functioning the Board of Directors considered the annual reports provided by the Audit Committee as well as the HR and Compensation Committee on its work during the past year. The reports were preliminary approved at the meetings of both Committees. The Board of Directors was satisfied by the work done by the Committees in the course of the year.
The Board of Directors approved Alterations to the Regulation on the Audit Committee as well as Alterations to the Regulations on HR and Compensation Committee developed in order to widen the functions and authority of both committees.
The Board of Directors reviewed the Consolidated Report on stress-testing carried out in Bank Vozrozhdenie for purposes of the risk management system improvement. On the basis of the analysis made it approved the scenarios for carrying out stress-testing and mandated the Bank’s Management Board to take into account the results of such stress-test in the daily risk management activities.
In addition the Board of Directors approved a new edition of the Provisions on Information Policy resulting from alterations to the regulations of the Federal Service on Financial Markets about information disclosure to be made by securities’ issuers recently coming into force.
As well the Board of Directors approved the Plan of internal divisions reviews to be made by the Bank’s Internal Control and Audit Service during H2 2009.